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EN
We review the case study of Germany with its regulatory initiatives regarding the possible governmental influence on crypto assets in finance. In doing so, we conclude that regulation shows adequate tendencies to foster innovation and adaption of digital assets such as crypto securities or currencies. This can mainly be referred to as creating a legal framework in favor of consumer protection, thereby reducing operational and reputational risks for financial companies which seek to engage in the digital assets business.
EN
The authors discuss central bank digital currencies (CBDCs) in their article. First, they briefly discuss crypto assets and their characteristics. They then focus on emerging CBDCs, their nature and the various forms that CBDCs can take. Next, the authors address the question of how CBDCs may be regulated in legal systems and what their legal relationship to legal tender may be. In the last section, the authors then address whether legislatively sound CBDCs may threaten the use of digital currencies or stablecoins. They offer answers to this question at the end of the article.
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